Mobile money transactions hit Sh1.2Tr in three months

The number of mobile commerce transactions stood at 316.5 million while peer to peer transactions stood at Sh541 billion.

The service cuts out cumbersome bureaucracy, that previously forced customers to travel long distances and spend time waiting for requests to be processed, sometimes having to return the following day to collect the cash/FILE

, NAIROBI, Kenya, Oct 2 – Mobile money platforms in Kenya handled Sh1.2 trillion between April and June 2017 with M-Pesa channeling Sh903 billion during the period.

The latest statistics from the Communications Authority of Kenya shows that mobile money users made 480 million withdrawals and deposits in the three months, and purchased goods and services amounting to Sh692 billion using mobile phones.

The number of mobile commerce transactions stood at 316.5 million while peer to peer transactions stood at Sh541 billion.

“The positive growth witnessed in the mobile money transfer service was largely driven by the widespread use of mobile money solutions and adoption of the service among traditionally underserved groups (rural populations), and increasingly broad range of mobile money services (including insurance and loan products) in Kenya,” reads part of the report.

During the same period, the number of mobile subscriptions crossed the 40 million mark representing a mobile penetration level of 88.7 percent.

The sector generated Sh241 billion in revenues in the three months whereas Sh40.9 billion was used for investment activities during financial year 2016/17.

Data and internet subsector also experienced a positive growth across all platforms.    The total number of internet

The total number of internet subscriptions amounted to 29.6 million which was an increase of 15.2 percent from 25.7 million registered in the previous quarter.

The growth was driven by 15.3 percent increase of mobile data subscriptions to 29.4 million at the end of the quarter which accounted for approximately 99.0 percent of total subscriptions. The internet/data penetration level rose to 64.8

The internet/data penetration level rose to 64.8 per cent up from 56.6 per cent recorded during the previous quarter.

The number of broadband subscriptions was recorded at 15.4 million up from 13.7 million posted in the preceding quarter representing a growth of 12.6 per cent. This translated to

This translated to broadband penetration level of 34.2 percent as at the end of quarter under review up from last quarter’s 30.4 per cent.

Fibre optic data subscriptions stood at 54,700 subscriptions up from 48,040 subscriptions.

KEN MACHARIA :@Kenmacharia is the business and tech editor at CapitalFM. He holds a Bachelors Degree in Communication from the University of Nairobi and has six years experience in media.